DHL and the South China Morning Post yesterday launched the 22nd Hong Kong Business Awards, an annual event that recognises the high- fliers in the business community.

The event is an important marker of Hong Kong's economic passage, having witnessed two major financial crises. This year it comes at a critical time as the city battles the challenge of rising inflation pushing up business operating costs.

Professor Richard Wong Yue-chim, chairman of the Hong Kong Business Awards and deputy vice-chancellor of the University of Hong Kong, said: 'The cost of doing business in Hong Kong has risen with inflation, which has hit wages and rents. To stay competitive, businesses must innovate, enhance productivity and strengthen marketing.'

But he added it was also important for the government to help reduce regulatory uncertainties.

Albert Chan, head of commercial banking from HSBC, who is also on the judging panel, said the country's 12th five-year plan would open windows of opportunities for both big companies and small and medium-sized enterprises in Hong Kong, which could be conducive in providing market information and introducing new technology and expertise in certain sectors on the mainland.

He said Hong Kong still had a business edge compared with the mainland, given the convertibility of the city's currency and more internationalised laws and regulations.

Other judges for this year's awards include DHL Express Hong Kong managing director Ken Lee, the Post's acting editor-in-chief Cliff Buddle, representatives from business organisations and winners from previous years.

The entry deadline for the nine award categories is August 26. Details and nominations are available at www.hkbusinessawards.com. Winners will be announced at the end of November.